AfDB Commits $650 Million Annually to Nigeria’s Growth Through New Country Strategy Paper

The African Development Bank (AfDB) has unveiled a bold five-year Country Strategy Paper (CSP) for Nigeria, committing to invest $650 million annually between 2025 and 2030. The initiative is set to drive economic transformation, accelerate infrastructure development, and foster inclusive prosperity.

Over the first four years, the AfDB will inject $2.95 billion into strategic sectors, with an additional $3.21 billion expected from development partners through co-financing. The investment focuses on two core pillars: climate-smart infrastructure development and gender- and youth-inclusive green industrialization.

“This strategy takes our partnership with Nigeria to a new level,” said Abdul Kamara, AfDB’s Director General in Nigeria. “It’s about transforming agriculture, building sustainable power systems, and creating economic pathways for millions.”

The CSP is aligned with Nigeria’s long-term plans, including the National Development Plan 2021–2025, Agenda 2050, and the Renewed Hope Agenda. It also aims to boost Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), particularly by improving access to electricity, road networks, and market linkages.

With Nigeria facing an estimated $2.3 trillion infrastructure gap by 2043, AfDB’s investment is timely. It will support projects in renewable energy, water access, road construction, agribusiness, and vocational training—especially for women and youth.

Targeted programs like the Affirmative Finance Action for Women in Africa (AFAWA) will support female entrepreneurs, while youth will benefit from skill development initiatives to address unemployment.

AfDB projects that the CSP will create 1.56 million jobs and support Nigeria’s ambition to grow its economy to $1 trillion by 2030. Importantly, it also prioritizes climate adaptation, seeking to reduce the impact of droughts, floods, and farmer-herder conflicts through resilient infrastructure and sustainable agricultural systems.